Gold Holds Gain as Trade War Prospects Stoke Demand for Havens
Gold was steady after China imposed its own levies on US farm goods in retaliation against the Trump administration’s tariffs policies, deepening concerns over the prospect of a global trade war that may boost demand for haven assets.
Bullion traded near $2,890 an ounce — following a 1.2% increase on Monday — as Beijing announced 15% duties on some American farm goods, including cotton.
That came after Trump signed an order doubling levies on China, as well as delivering on his threat to hit Canada and Mexico with sweeping import duties. Geopolitical events were also in the spotlight, after a senior defense official said the US was pausing all military aid to Ukraine.
Source: Bloomberg
